Re: Financing -- Buzzy's Question and Answer Forum

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

05 /20/ 26, 1:53pm

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, [2], 3, 4, 5, 6, 7, 8, 9, 10 ]

Subject: Re: Financing

Author:
Rick

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 11/ 12/ 11, 11:04am
In reply to: Shane 's message, "Re: Financing" on 11/ 7/ 11, 4:31am

I was thinking about those unexpected maintenance issues and thought that maybe if someone is motivated to sell their rig that they have not been able to sell, would consider financing 50% . That would allow me to maintain a reserve. As I still work and travel across the country seasonally for my work, I am exploring the Idea of living full time on the road so to speak. I am a bit concerned about a 20 year old rig holding up another 10 or 15 years of full time use and the cost associated. My goal is to minimize living expenses in order to maximize retirement savings. Residual value aside, if you can't sell it, does it have any value?

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

[> [> [> Subject: Re: Financing

Author:
Shane Fedeli
[ Edit | View ]

Date Posted: 11/ 12/ 11, 2:44pm

I found a 1967 coach that was practically free. The guy wanted $850 for the coach and it was drivable! When I added up the cost of restoration and updating, I figured around $24000 is what it would take to get it road-ready. If I were to offer it for sale, I'd be lucky to get $10K for the restored coach. For the most part, owning these older coaches is a "labor of love" and you're in negative territory once the maintenance items fall by the wayside. If you are able to do most of the maintenance and heavy chassis work on your own, then the costs of ownership are reduced substantially. If you can swing it, pay cash. Don't finance the purchase of one unless you already have the cash value of the coach in the bank and are just choosing to use OPM as a matter of convenience.

[ Post a Reply to This Message ]